Report 
 
      
Registrant:   The Adams Express Co. — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  12/31/97

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      2230
SEC File #:   811-02624

Telephone #:  410-752-5900
 
 2.
Address:      Seven St. Paul Street, Suite 1140
              Baltimore, MD  21202
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       S.W. Ryan & Co., Inc.
IRS #:        23-2509528
Commissions paid ($000s):  145
 
20.2
Broker:       Merrill Lynch, Pierce, Fenner & Smith
IRS #:        13-5674085
Commissions paid ($000s):  94
 
20.3
Broker:       Thomson Institutional Services c/o
 
20.4
Broker:       BT Alex Brown
IRS #:        13-3566424
Commissions paid ($000s):  74
 
20.5
Broker:       Goldman Sachs & Co.
IRS #:        13-5108880
Commissions paid ($000s):  66
 
20.6
Broker:       Morgan Stanley & Co., Inc.
IRS #:        13-2655998
Commissions paid ($000s):  62
 
20.7
Broker:       Smith Barney, Inc.
IRS #:        13-1912900
Commissions paid ($000s):  43
 
20.8
Broker:       S&P Securities, Inc.
IRS #:        13-3145333
Commissions paid ($000s):  29
 
20.9
Broker:       Gordon Haskett (Indata)
IRS #:        06-1095324
Commissions paid ($000s):  29
 
20.10
Broker:       Gruss (Oscar) & Sons, Inc.
IRS #:        13-3311934
Commissions paid ($000s):  26
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  691
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       M. Sternburg & Co.
IRS #:        06-1153426
Registrant’s purchases ($000s):  146,400
 
22.2
Entity:       General Electric Capital Corp.
IRS #:        13-1500700
Registrant’s purchases ($000s):  139,407
 
22.3
Entity:       Ford Motor Credit Corp.
IRS #:        38-1612444
Registrant’s purchases ($000s):  93,980
 
22.4
Entity:       Chevron Oil Finance Corp.
IRS #:        25-1215010
Registrant’s purchases ($000s):  74,180
 
22.5
Entity:       Wachovia Bank of NC, N.A.
IRS #:        56-0927594
Registrant’s purchases ($000s):  65,000
 
22.6
Entity:       Merrill Lynch, Pierce, Fenner, & Smith, Inc.
IRS #:        13-5674085
Registrant’s purchases ($000s):  29,763
Registrant’s sales ($000s):  8,733
 
22.7
Entity:       Bank of New York
IRS #:        13-4941102
Registrant’s purchases ($000s):  34,626
 
22.8
Entity:       Mercantile-Safe Deposit & Trust
IRS #:        52-0904511
Registrant’s purchases ($000s):  30,000
 
22.9
Entity:       CS First Boston
IRS #:        13-5659485
Registrant’s purchases ($000s):  11,642
Registrant’s sales ($000s):  8,310
 
22.10
Entity:       Schroder & Co.
IRS #:        13-2697272
Registrant’s purchases ($000s):  4,000
Registrant’s sales ($000s):  6,596
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  672,986
   Aggregate sales ($000s):  36,065
 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  0
 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
30.
Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s):  0

The maximum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.
Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s):  0

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s):  0
 
32.
Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s):  0
 
33.
Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s):  0
 
35.
Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s):  0
 
36.

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s):  0
 
38.
Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s):  0
 
Payment Plan for the Distribution of Fund Shares 
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
 –
Printing & mailing of prospectuses to other than current shareholders ..
 –
Payments to underwriters ...............................................
 –
Payments to brokers or dealers .........................................
 –
Direct payments to sales personnel .....................................
 –
Payments to banks and savings & loans ..................................
 –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
 –
Unallocated payments made for a combination of such services ...........
 –
 
43.
Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s):  0
 
44.
If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s):  0
 
Advisory Fee 
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.0%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
Classification and Asset Allocation 
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $0
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  No
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  216,385
Sales ($000s):      215,675

Monthly average Value of portfolio ($000s):  1,242,049

Percent turnover (lesser of Purchases or Sales, divided by Value):  17%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 6,048
Net dividend income ..............................................
 19,737
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 –
Administrator fees ...............................................
 –
Salaries and other compensation ..................................
 3,263
Shareholder Servicing Agent fees .................................
 255
Custodian fees ...................................................
 97
Postage ..........................................................
 63
Printing expenses ................................................
 118
Directors’ fees ..................................................
 184
Registration fees ................................................
 43
Taxes ............................................................
 102
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 63
Legal fees .......................................................
 53
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 88
Other expenses ...................................................
 671
Total expenses ...................................................
 5,000

Expense reimbursements ($000s):   0

Net investment income ($000s):    20,785

Realized capital gains ($000s):   71,696
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  242,730
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  21,136

Total capital gains distributions for which the record date passed
during the period ($000s):  73,016
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.4400

Distribution of capital gains:  $1.5200
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 158
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 26,757
Long-term debt securities, including convertible debt ............
 58,360
Preferred, conv. preferred and adjustable-rate preferred stock ...
 30,030
Common stock .....................................................
 1,307,318
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 2,190
All other assets .................................................
 3,815
Total assets .....................................................
 1,428,628

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 –
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 1,092
  All other liabilities ..........................................
 3,366

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 1,424,170

Number of shares outstanding (000s):   49,949

Net Asset Value (NAV) per share (to nearest cent):  $28.51

Total number of shareholder accounts:  21,299

Total value of assets in segregated accounts ($000s):  35,787
 
75.
Monthly average net assets during the period ($000s):  1,290,161
 
76.
Market price per share at period end:  $24.19
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes

EX-99.77Q1: Other Disclosure?  Yes
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Federal Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  1,750
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  1
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No
 
Sales, Repurchases and Redemptions 
 
86.
Sales, repurchases and redemptions of the Registrant’s securities:
 
Common Stock
Sales:
    Number of shares (000s):   0
    Net consideration received ($000s):  0
Repurchases:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Preferred Stock
Sales:
    Number of shares (000s):   0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Debt Securities
Sales:
    Principal amount ($000s):  0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Principal amount ($000s):  0
    Net consideration paid ($000s):      0
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Lawrence L. Hooper, Jr.      
Name:   Lawrence L. Hooper, Jr.
Title:  SEC. & Gen. Counsel